National Republican., 1887-08-19
To the People of the United States.

The NATIONAL REPUBLICAN, has for some
weeks been discussing the powers aud
duties OF the Secretary OF the Treasury in
regard to the disposition Of the surplus and
his authority to purchase or call bonds for
payment, and, In a series Of articles, has
clearly demonstrated that the Secretary has
never had the power conferred on him to
purchase bonds at premium, but that he
does p.ssess the power to call at any time
any Of the bonds Of the United States Issued
under the refunding act Of July IA, 1870
and Jan. l, 1871; and we now propose to
review as briefly as possible the entire law
and facts in relation to the bonds, and show
in the shortest possible space what the Law
directs the Secretary to do.
This is rendered all the more necessary
by tie fact that the administration has def
Iitely settled upon the policy Of buying
fonds at a premium, though such action Is
we believe, in open defiance Of law, In utter
disrt gard Of the peoples rights, and results
in an increase Of the public debt. The
NATIONAL REPUBLICAN, appealed first 10
the Secretary Of the Treasury, showing
him the laws and citing him to the prece-
Geiis. lie failed to respond. Then 1t ap-
period ff,u tie Secretary 10 the President,
no. il e that he woul1 come to the rescue OF
the PEOPLE. But il would seem that he
has not given 10 this subject that
cain, cool, gud deliberate consideration
which its Importance both rs a national,
bipartisan, and political question de
mPrdCd.
From the President we appeal TO the
people Of the country. For the !irst tune
In the history OF the nation the admins,
,raton is paying premium on its own
boLds, Increasing ty so doing the uationa
debt uud placing additional burdens or
The people. II cGnGot be pleaded that the
executive department is taken by surpris.
and condition forced on 1t requiring i'm
mediate cotton. Both President Cleveland
and Secretary Monning in their communi.
cations TO the last session OF Congress
fully understood the fact that large sur
plus would necessarily accumulate, and
each appealed to Congress for Legislation
to dispose oI the surplus which was bound
10 con Q.
The forty-uinth Congress to which this
Secretary Manning declared, mistakenly
We lelleyo, that the only remedy would b,
10 purchase bonds at Il premium, aud sal
ai This policy:
TO continue our surpiug taxation, AMI 10 EN-
rlcy its proceeds now er for some years Il
cone In giving 10 the bOndholders auy sucu
UrNil higher premiums, by anticipating pur
chase Of those bonds before they are due auC
psyabla at par is fiscal policy so unnecessary
CIttCrGgGNi and mGcicSs n thC Industrious toll
.TSCf oar iuEd. from whose earnings profits OF
capital are deducted aud all the revenues o
the treasury taken, that cannot presume
their rcPrese natives in Congress would le
htand any law deyoiying upon the head of thi
department such thrlftless task
The forty-ninth Congress, which will e,
down tohistory as only noted foriucapacity
obstruction, and usurplliJn Of power, faIle,
TO respond 10 these appeals. Tnc Presi
dent, by the free use Of hIs veto power
helped to increase the unnecessary accumI
Ia'lun uf money In the treasury, which TN
incapOcity Of Congress failed to provide
remedy for, aud now the ADMINISTRATION
adopting Secretary MuuIug's yleSs an.
refusing TO accept the lazy as enacted ant
enforced 10y Republican lawmakers an
executives, resO,ts to tho unnecessary
extrayagaHl, ami mcrci!es5' policy "hic,
Secretary MauU'ug denounced.
Tie Democratic party, both through H.
executive and congressional representa-
tivcs, Is responsible for the boarding o
money In the treasury, uni for the aG.io
at Its chosen executive in choosing to pa
the hondholdGrs the high premiums tue
demaud on government securities. tn
forty ninth Congress, with its malodorou
histcry, had passed away. A new Congress
fresh from the people, who left at home IN
members OF the foltynutn had beer
elected. 1t was the Presidents preroga
tive, and the NATIoNAL REPUBLICAN bo
lleyes his duty, to cali this Congress to con
yene In extra session to consider the Gnau
eial emergency, lie had the precedent OF
Democratic President in the action of Mar
tin Van Buren, who, when installed as Presi
dent on the 4th Of March, 1881, saw the coun
tly was about 10 be CoRyused by a llnlncla
panic, Immediately convened Congress an
asked 1t to provide aremeiY, Presden
Cleveland knew the danger, but was uu
willing to trust his own party associates b
provide a remedy.
The administration has surrendered h